JLL Files Q2 2024 10-Q Report

Ticker: JLL · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 1037976

Jones Lang Lasalle INC 10-Q Filing Summary
FieldDetail
CompanyJones Lang Lasalle INC (JLL)
Form Type10-Q
Filed DateAug 6, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.01, $0.1 million, $74.25 million, $18.0 million
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, real-estate

TL;DR

JLL's Q2 2024 10-Q is in. Check financials.

AI Summary

Jones Lang LaSalle Inc. (JLL) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures related to their real estate services business are presented.

Why It Matters

This filing provides investors and stakeholders with a detailed look at Jones Lang LaSalle's financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal risks related to market conditions, debt, or operational performance.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is for the period ending June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on August 6, 2024.

What is the company's Standard Industrial Classification (SIC) code?

The company's SIC code is 6531, categorized under Real Estate Agents & Managers (For Others).

What is the company's state of incorporation?

The company is incorporated in Maryland (MD).

What is the company's fiscal year end date?

The company's fiscal year ends on December 31.

Filing Stats: 4,829 words · 19 min read · ~16 pages · Grade level 6.8 · Accepted 2024-08-06 11:02:42

Key Financial Figures

Filing Documents

Financial Information

Part I Financial Information

Consolidated Financial Statements

Item 1. Consolidated Financial Statements: 3 Balance Sheets as of June 3 0 , 2024 and December 31, 2023 3 4 5 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Exhibits

Item 6. Exhibits 51 Signature 52 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements JONES LANG LASALLE INCORPORATED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) June 30, 2024 December 31, 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 424.4 410.0 Trade receivables, net of allowance of $ 75.4 and $ 70.7 1,911.5 2,095.8 Notes and other receivables 417.9 446.4 Reimbursable receivables 2,345.2 2,321.7 Warehouse receivables 642.4 677.4 Short-term contract assets, net of allowance of $ 1.5 and $ 1.6 310.3 338.3 Prepaid and other 582.3 567.4 Total current assets 6,634.0 6,857.0 Property and equipment, net of accumulated depreciation of $ 1,099.2 and $ 1,039.1 596.9 613.9 Operating lease right-of-use assets 759.4 730.9 Goodwill 4,609.2 4,587.4 Identified intangibles, net of accumulated amortization of $ 625.9 and $ 563.0 743.9 785.0 Investments, including $ 744.7 and $ 740.8 at fair value 819.7 816.6 Long-term receivables 394.1 363.8 Deferred tax assets, net 507.8 497.4 Deferred compensation plan 639.8 604.3 Other 204.2 208.5 Total assets $ 15,909.0 16,064.8 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 1,154.0 1,406.7 Reimbursable payables 1,746.0 1,796.9 Accrued compensation and benefits 1,098.0 1,698.3 Short-term borrowings 126.2 147.9 Short-term contract liabilities and deferred income 217.9 226.4 Warehouse facilities 655.5 662.7 Short-term operating lease liabilities 155.6 161.9 Other 360.8 345.3 Total current liabilities 5,514.0 6,446.1 Credit facility, net of debt issuance costs of $ 12.9 and $ 14.4 1,262.1 610.6 Long-term debt, net of debt issuance costs of $ 7.3 and $ 8.1 767.9 779.3 Deferred tax liabilities, net 42.5 44.8 Deferred compensation 620.0 580.0 Long-term operating lease liabilities 779.8 754.5 Other 424.4 439.6 Total liabilities 9,410.7 9,654.9 Company shareholders' equity: Common stock, $ 0.01 par value per share, 100,000,000 shares authorized; 52,120,548 and 5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. INTERIM INFORMATION Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company," "we," "us" or "our") for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website ( www.jll.com ), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates. Our Consolidated Financial Statements as of June 30, 2024, and for the periods ended June 30, 2024 and 2023, are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Consolidated Financial Statements for these interim periods. As discussed within our 2023 Annual Report on Form 10-K, specific to our Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows, we have made certain presentation changes and recast prior-period information to conform with the current presentation. Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing